My biggest driving force in life is freedom. Freedom is why I am an entrepreneur. Freedom for me comes in many forms. Financial, emotional and spiritual.
Being an entrepreneur allows me to reach financial freedom by having no limit on the potential income I can make.
I know that you also have a strong drive for freedom. Yet there is a breakdown to achieve this, usually in how you are packaging your services.
You are spreading yourself thin each month trying to market to generate new business, sell/close, fulfill and serve…all while continuing to have a life. This can be exhausting!
Your breakdown occurs when you get stuck in the trap of trying to do ALL of this at once.
I want to help you uncover how you can increase your profit and cash flow to achieve more financial freedom in your business and life. Here are five of my favorite ways to do this:
1. The Continuity Program – If you are a service-based business owner (coach, consultant, service provider) this type of program is a must. What is a continuity program?
This is a longer term contracted service. For example, when I first launched my marketing mentoring services I sold 8-session packages. This is a huge NO NO!
There are a few reasons why. I am doing a disservice to the client because there really is no way that I could help guide and mentor an entrepreneur to produce results that they have never achieved yet by meeting with them only 8 times. Learning a new skill set and mastering social media, branding, building connects, etc. takes time!
Another reason is that I am back to the grind of having to find another client to jump on board. It takes just as much effort to sell someone on a few sessions than to enroll them into a long-term package.
Solution: You should ONLY offer 6-12 month packages to clients who want to work with you. Price these out monthly, not by session. For example two 60-minute Health Coaching Sessions a month for 12 months. Or 12 months of marketing services.
If you think someone won’t need your help for that long, or you don’t have enough content to teach, you are wrong. That is your fear talking.
Life happens and things never move as quickly as we want them to. It’s a blessing for someone to have your guidance and support for an entire year. Think of the impact that you can make on someone’s life!
Now that you have that guaranteed cash flow coming in for the next 12 months, you can focus on serving and not on sales.
2. The Membership Program – This is a great option for a brick and mortar business or retail business. With one of my previous clients, a local brick and mortar airbrush tanning & make-up salon, we designed three different membership packages for her to offer clients.
So instead of focusing on single session tans or packages, she now focuses on the membership packages which brings in consistent cash flow. Also most people skip a month or don’t use up all of their services so it equals out with offering more of a discount to get them to become an auto pay monthly member.
Other examples of well-known brands that offer membership programs: Massage Envy, Glass Baby and Julep Nails.
3. The leverage model – two of my favorite ways for leveraging my time and effort is through group programs and information products. Group programs is where you offer your same one-to-one service, but you are serving many instead of one.
I do this virtually with my Modern Marketing Academy. My students still get some one-on-one time with me. But I am able to serve more and increase my cash-flow.
Information products are awesome and something on my list to implement in 2015. Create a training once, package it and market it to your list. This is great to offer as a lower price point item for someone to get your wisdom.
Think about something you teach or a service you provide consistently. How can you leverage your knowledge by creating a video training or ebook to sell on autopilot?
4. Leveraging a team
I now have 4 part time team members that help me run Devani Digital, my Social Media Management Agency. These team members handle things such as social content creation, community management, social strategy, blog writing and client interactions.
I knew that if I wanted to scale my business, I needed to hire and train other people so I could step out of working in the business. We all have things that we know someone else could and should be doing. If you want to grow, you can’t afford to keep doing those things.
Growing a business has a lot to do with trust. Trusting support, trusting a mentor, trusting yourself and trusting the process.
I appreciate you putting your trust in me and for allowing me to share my knowledge, experiences and journey with you.
If you are unsure how to implement more cash flow in your business or are struggling to attract new clients, click here and book a complimentary strategy call with me.
Tell me in the comments below if you have or haven’t implemented any of these strategies? Do you have any questions on how these can be applied to your business? I’m here to help!